This is likely a fruitless endeavor but I'm wondering if someone in the business can explain why home purchases always seem to be headache inducing...
This is my 2nd house purchase. The first one was a short sale that took 6-months from offer to close. We expected this given that it was a short sale. Frustrating, but understandable.
Our 2nd house purchase (Currently pending) is presently scheduled for a close at the end of Dec. This is a new build and was slotted as a "fast close" as they're trying to close out Q4. Here is where my frustration comes from. Since earnest money was given on 10/31, I have been given FOUR different cash at close totals. The first was a verbal ballpark so some up/down is expected, prior to earnest money being handed over. The 2nd was during pre-qual. The third on 11/14. The fourth occurred today. All in all we're looking at roughly $1,000 increase in the original figure to today's "final" figure. I genuinely don't understand how they don't know what the cash at close should be. This is simple math, is it not?
House Price is X dollars
Down Payment is X percentage
Loan amount is X dollars
Fees are X dollars
Lender/Builder Incentives are X dollars
Closing Cost = Whatever formula is used utilizing these five variables
Am I trying to simplify something that can't be simplified?
This is my 2nd house purchase. The first one was a short sale that took 6-months from offer to close. We expected this given that it was a short sale. Frustrating, but understandable.
Our 2nd house purchase (Currently pending) is presently scheduled for a close at the end of Dec. This is a new build and was slotted as a "fast close" as they're trying to close out Q4. Here is where my frustration comes from. Since earnest money was given on 10/31, I have been given FOUR different cash at close totals. The first was a verbal ballpark so some up/down is expected, prior to earnest money being handed over. The 2nd was during pre-qual. The third on 11/14. The fourth occurred today. All in all we're looking at roughly $1,000 increase in the original figure to today's "final" figure. I genuinely don't understand how they don't know what the cash at close should be. This is simple math, is it not?
House Price is X dollars
Down Payment is X percentage
Loan amount is X dollars
Fees are X dollars
Lender/Builder Incentives are X dollars
Closing Cost = Whatever formula is used utilizing these five variables
Am I trying to simplify something that can't be simplified?
